Iteration Energy Ltd. Announces the Completion of the Previously Announced Merger with Cyries Energy Inc.


    CALGARY, March 10 /CNW/ - Iteration Energy Ltd. ("Iteration") (TSX: ITX)
is pleased to announce that the acquisition of Cyries Energy Inc. ("Cyries")
pursuant to a previously announced arrangement was completed March 7, 2008,
subsequent to 99% Cyries securityholder approval and approval by the Court of
Queen's Bench.
    As a result of completion of the arrangement, Cyries is a wholly-owned
subsidiary of Iteration and its common shares are expected to be de-listed
from the Toronto Stock Exchange on or about March 12, 2008. Iteration's common
shares will continue to trade on the TSX under the symbol "ITX".
    The combination of Iteration and Cyries has created an intermediate oil
and gas company with current production of over 20,000 boed and an expected
2008 Q1 exit rate of approximately 22,000 boed. The main focus is the Deep
Basin and Peace River Arch areas of western Alberta and northeast British
Columbia, which account for about two thirds of the combined company's
production. Iteration has a strong balance sheet which will allow it to pursue
other strategic acquisitions while continuing to add value through detailed
exploration and development work in its core areas. The combined company has
an enterprise value of approximately $1.2 billion.
    Mr. Brian Illing, the President and Chief Executive Officer of Iteration,
and the management of Iteration will continue in their current capacities with
Iteration. Iteration's Board of Directors has been expanded to include Don
Archibald, former Chairman and Chief Executive Officer of Cyries, who is the
new Chairman of the Iteration Board, and Howard Crone, a former director of
Cyries. Mr. Jim Grenon, the previous Chairman, has been appointed Lead
Director of the Board. The Board now consists of Don Archibald, Jim Grenon,
Pat Breen, Howard Crone, Dallas Droppo, Michael Hibberd, Brian Illing, and
Robert Waters.

    Advisory Regarding Forward-Looking Statements

    This press release contains forward-looking statements and
forward-looking information within the meaning of applicable securities laws.
The use of any of the words "expect", "anticipate", "continue", "estimate",
"objective", "ongoing", "may", "will", "project", "should", "believe",
"plans", "intends" and similar expressions are intended to identify
forward-looking information or statements. More particularly and without
limitation, this press release contains forward looking statements and
information concerning the assessment of the combined company's petroleum and
natural gas production business strategy and future development and growth
opportunities. The forward-looking statements and information are based on
certain key expectations and assumptions made by Iteration, including
expectations and assumptions concerning prevailing commodity prices and
exchange rates, applicable royalty rates and tax laws, future well production
rates and reserve volumes the performance of existing wells, the success
obtained in drilling new wells, the sufficiency of budgeted capital
expenditures in carrying out planned activities, the availability and cost of
labour and services and the impact of the Province of Alberta's new royalty
regime. Although believed that the expectations and assumptions on which such
forward-looking statements and information are based are reasonable, undue
reliance should not be placed on the forward looking statements and
information because Iteration can give no assurance that they will prove to be
correct. Since forward-looking statements and information address future
events and conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks, which are included in
reports on file with applicable securities regulatory authorities and may be
accessed through the SEDAR website ( and at Iteration's website
( The forward-looking statements and information
contained in this press release are made as of the date hereof and Iteration
undertakes no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.

    Barrels of Oil Equivalent

    "Boe" means barrel of oil equivalent on the basis of 1 boe to 6,000 cubic
feet of natural gas. Boe's may be misleading, particularly if used in
isolation. A boe conversion ratio of 1 boe for 6,000 cubic feet of natural gas
is based on an energy equivalency conversion method primarily applicable at
the burner tip and does not represent a value equivalency at the wellhead.

    %SEDAR: 00002576E

For further information:

For further information: Iteration Energy Ltd., Brian L. Illing,
President and Chief Executive Officer, Tel: (403) 261-6883; or Sean Johnson,
Chief Financial Officer, Tel: (403) 261-6883; Website:

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